港股异动 | 申洲国际(02313)再跌超4% 机构下调公司下半年销量增长预测 产量释放有望于明年继续体现

Core Viewpoint - Shenzhou International (02313) has seen a decline of over 4%, currently trading at HKD 64.05, with a transaction volume of HKD 499 million. Citigroup has downgraded its earnings forecast for Shenzhou International for 2025-2027 by 2%, lowering the target price from HKD 95 to HKD 94 while maintaining a "Buy" rating, suggesting that the stock price drop may reflect management's conservative sales outlook, presenting a buying opportunity due to an expected dividend yield of 4.8% in FY2026 and a projected annual compound growth rate of 12% in earnings per share over the next three years [1][1][1] Group 1 - Citigroup has revised its sales growth forecast for the second half of 2023 from high single digits to mid-single digits, primarily due to nearly flat sales growth in Q3, with two major brands needing to discuss tariff sharing with the group [1][1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging progress of Q3 [1][1] Group 2 - Guosheng Securities notes that the industry demand and customer orders have been volatile, but Shenzhou International remains committed to long-term asset construction and steady capacity expansion [1][1] - The firm anticipates that by 2026, with the recovery of core customer orders, the company will enter a phase of capacity-driven growth, with factory utilization reaching saturation and an optimized order structure leading to improved profit quality [1][1] - By the end of 2024, the company's workforce is expected to reach 103,000, a 12% year-on-year increase, and by mid-2025, it is projected to reach 110,000, a 9% year-on-year increase, reflecting the capacity enhancement and output release from recent years of garment factory recruitment [1][1]